• Bank Negara Malaysia’s (BNM) international reserves stood at US$102.8 billion as at May 15, 2019 from US$103.4 billion at April 30, 2019 • Tekun Nasional has channelled business financing worth RM140 million since the beginning of this year until April 30, 2019 • Malaysia's labour productivity grows 2.4 per cent in Q1 2019 • Malaysia's CPI rose 0.2 per cent in April 2019 to 121.1 compared to 120.9 in the same month of the preceding year: Department of Statistics Malaysia

THE Malaysian Investment Development Authority (Mida) has established a dedicated team to facilitate, evaluate and review the implementation of the Economic Accelerator Projects (EAP) along the East Coast Railway Link (ECRL) corridor.

In a statement yesterday, Mida said the team will be tasked at engaging and building strategies for various action plans covering promotional activities and engagements with relevant stakeholders, including domestic industries.

“With the inflows of foreign direct investment and domestic investment, and potential growth for industrial, commercial and tourism sectors, the railway will contribute towards bridging the development gap between the east and west coasts of Peninsular Malaysia,” the agency said.

“These catalytic projects will create a wide spectrum of business and job opportunities, including the development of industrial parks, logistics hub and transit-oriented development along the ECRL corridor,” it added.

The team was formed following the signing of a memorandum of understanding (MoU) between Mida and China Communications Construction Co Ltd (CCCC) on April 25, 2019.

Mida, together with CCCC, will promote the EAP projects and aim to maximise it’s potential while encouraging the entry of both local and international investors into the country.

Both parties are also committed to tackling cooperation and capacity building activities to spur the industrial and business communities to organise seminars, workshops and dialogues.

The ECRL project is designed to stimulate the commercial, logistic, import and export, and tourism development activities along the proposed alignment.